Goldman Sees Oil Prices Soaring to $120/Barrel Amid Middle East Tensions

Goldman Sachs analysts have warned that oil prices could surge to $120 per barrel if attacks on shipping in the Middle East intensify. This prediction comes as a result of recent events, including tit-for-tat strikes between the US and Iran in the Strait of Hormuz.

Daan Struyven, co-head of global commodities research at Goldman Sachs, stated that 'events over the last few days do suggest that the risk of shipping disruptions broadening and intensifying is an important one.'

On the other hand, if exports from the region return to normal levels, oil prices could fall to $80 per barrel, according to Struyven.